GENERAL ASSEMBLY OF NORTH CAROLINA
1987 SESSION
CHAPTER 263
The General Assembly of North Carolina enacts:
Section 1. G.S. 116-220(c) reads as rewritten:
"(c)
The Board is authorized to create a Liability Insurance Trust Fund Council
composed of not more than 12 members 13 members; one member each
shall be appointed by the State Attorney General, the State Auditor, the State
Insurance Commissioner, the Director of the Office of State Budget and
Management, and the State Treasurer; the remaining members shall be
appointed by the Board. Subject to all requirements and limitations of this
Article and to any rules and regulations adopted by the Board under the terms
of subsection (b) of this section, the Board may delegate to the Liability
Insurance Trust Fund Council responsibility and authority for the
administration of the self-insured liability insurance program and of the
insurance trust accounts established pursuant to such program."
Sec. 2. G.S. 116-220.1 reads as rewritten:
"(b) Claims certified to
be paid from the fund shall be paid in the order of award or settlement.
In the event that the fund created hereunder shall at any time have
insufficient funds to assure that both existing and future claims will be paid,
the Board is hereby authorized to borrow necessary amounts up to five
million dollars ($5,000,000) thirty million dollars ($30,000,000) per
established self-insurance trust fund account to replenish the fund. The Board
shall maintain funds in each self- insurance trust at no less than one hundred
thousand dollars ($100,000) at all times."
Sec. 3. This act is effective upon ratification.
In the General Assembly read three times and ratified this the 2nd day of June, 1987.